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Elon Musk announces Twitter deal is temporarily on hold. Not everyone is surprised

“Twitter deal temporarily on hold," Elon Musk tweeted this afternoon.

May 13, 2022 / 04:17 PM IST
Elon Musk announced that his $44 billion deal to buy Twitter has been put on hold temporarily.

Elon Musk announced that his $44 billion deal to buy Twitter has been put on hold temporarily.


Elon Musk’s Twitter deal is “temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.”

This afternoon, the Tesla chief announced that his $44-billion takeover of Twitter is temporarily on hold until there is more information on fake users and bots on the microblogging platform. The deal has been halted till it can be ascertained whether spam or fake accounts represent less than five percent of the site's total user base.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Elon Musk tweeted. His announcement came after Twitter estimated in a filing Monday that spam accounts made up less than 5 per cent of its monetizable daily active users.

Although the Twitter deal has seen more than its fair share of ups and downs, not everyone was surprised at Musk’s announcement.

“Not entirely surprised. Tesla shares rally on the news that #Twitter deal is temporarily on hold, Twitter stock drops,” wrote Shereen Bhan, Managing Editor, CNBC-TV18.


Several other journalists also noted that the announcement sent Tesla stock up




Some wondered if the whole Twitter takeover saga had been a ploy to manipulate the markets


Many were convinced that Musk had no plans of buying Twitter at all


And several Twitter users said that Elon Musk’s announcement did not surprise them

Twitter had earlier this month estimated that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter, when it recorded 229 million users who were served advertising. It also said it faced several risks until the deal with Musk is closed, including whether advertisers would continue to spend on Twitter.

Musk, the world's richest man and a self-proclaimed free speech absolutist, had said that one of his priorities would be to remove "spam bots" from the platform.

(With inputs from Reuters)



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Moneycontrol News
first published: May 13, 2022 04:16 pm
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